Line launches digital banking platform in Indonesia

Line Company, most efficient known for its messaging app, launched a digital banking platform in Indonesia on the present time. This kind Japan-based mostly Line Corp. now provides banking services in three of its greatest international markets: Indonesia, Thailand and Taiwan.

Line Corp.’s Indonesian banking platform is the outcomes of a partnership the corporate struck in 2018 with PT Bank KEB Hana Indonesia, a subsidiary of South Korea’s Hana ZBank. Line Corp. agreed to create 20% of PT Bank KEB Hana Indonesia, making it the bank’s 2d-largest shareholder, and mentioned it will probably well work on online banking services, in conjunction with deposit accounts, microcredit products, and remittance and price services.

In step with a yelp by Momentum Works, downloads of digital banking apps in Indonesia grew 7% in 2020, with apps from established banks cherish BTPN Jenius, OCBC Nyala and Permata leading. But Momentum Works also observed that “many Indonesian digital bank users are inclined to accumulate diverse digital bank applications and explore round,” so a dominant participant hasn’t emerged yet. Major tech firms cherish Sea Group, Glean and Gojek are also engaged on their possess neobank services.

Line launched banking services to its Thai users last October, as a part of a joint project with Kasikorn Vision Company, a subsidiary of Kasikorn Bank. In Taiwan, its subsidiary Line Bank Taiwan became granted a banking license earlier this 365 days by the Financial Supervisory Price.